"The Pirate Bay, which grew into an international phenomenon after it was founded in Sweden in 2003, allows users to dodge copyright fees and share music, film and other files using bit torrent technology, or peer-to-peer links offered on the site – resulting in huge losses for music and movie makers."

It didn't result in any loss because chances are that people who pirate things will not have bought it at all.

And secondly, if you ban Pirate Bay, there are countless other websites out there, maybe not as good as Pirate Bay but they are there.

Still not true. Why do you assume one is interested in supporting the band by having to buy it?

If I want to watch a movie, If there is no torrent available to me, I would have to pay to access it (either by renting or buying). But I could end up not liking the movie, which doesn't look like support.

In fact, I could argue that people who pirate things are in fact those who would have bought it too. It comes down to a matter of wanting something, and having two options: one is free, one costs money.

Your right that it's not a loss if one had no intention of paying for 'x' anyways - they would not have bought it at all. But there are also those who did want to acquire 'x' and chose to pay nothing.

The two major reasons why people pirate are due to unable to purchase say product or two shitty customer service or poor selection from media service (cable, dish, hulu). Besides I do pirate, but I also pay for Netflix (good customer service, huge movie catalog, subtitles/HD resolution).